re: Day trading Nifty & Banknifty Futures
I know a case of a business group who started trading activities and took some deposits from people and commissioned a Elliott wave analyst to advice them on markets on hefty fees as the analyst had made lots of publicity.
Market was in uptrend and these guys kept buying.....they bought a stock at 325...it became 375...our analyst was taking fat bonus home. Then the market topped out.Stock came to 350...analyst brother said this is a corrective wave so it will make a new top...so buy here...those guys bought....then price came to 325...analyst was very confident saying this downmove is not an impulse..it is a correction so buy more...they bought more...then came 300-250-200-150-125-100.....finally it became 82 and still he says no impulse...the business group head intervened and said hell with your impulse.....liquidate all positions....
They lost a few crores and they had to sell one of their plots in prime locations to repay the investors as the group was very reputed and they did everything silently so that no one knew the " inside story".
Now Elliott guys will say that person misjudged.....but no stoploss anywhere ????
Smart_trade